AI-Based Housing Loan Screening Spreading in Japan

Economy

Tokyo, Oct. 4 (Jiji Press)--A move to speed up the process of screening housing loans by using artificial intelligence technology is spreading in the Japanese banking industry.

On Monday, MUFG Bank, a unit of Mitsubishi UFJ Financial Group Inc. <8306>, started a service in which the advance screening for housing loans is finished in a minimum of 15 minutes by using AI.

MUFG's service is offered to people using the Suumo real estate information website, operated by Recruit Sumai Co., a subsidiary of Recruit Holdings Co. <6098>.

After users fill in 22 questions, including those on annual income and the desired amount of loans, results are sent by email in as soon as 15 minutes.

Until now, it took an entire day for customers to be notified of the screening results as they had to fill in a form containing as much as 57 questions and the process of screening relied heavily on manpower.

[Copyright The Jiji Press, Ltd.]

Jiji Press